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cancel now with no penalty?

I run my own s-corp and I've had health insurance from the beginning of the year till now. Now my business is not doing good and I want to cancel my insurance. 

I know that the president has signed an Executive Order related to this, but I don't know the ins and outs of it. If I cancel my plan now will I pay penalties?

Comments

  • Posts: 55
    I presume that you mean that you have had insurance through the ACA Exchange.  My understanding is that all Trump's Executive Order does is not require someone to check a box on his 1040 form about whether or not he had insurance.  The IRS will still consider you to owe a penalty, although I think that an individual can have 3 months of no coverage and not owe penalty.  Now, this penalty is virtually unrecoverable, only being recoverable in the event that the federal government owes an individual money from a lawsuit or a tax refund.

    If your business is not doing well such that your income falls, and you can prove it via accounting, you would be eligible for a premium tax credit or even Medicaid.
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